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Divorce and student loans -- more connected than you think

On behalf of Law Offices of Jacqueline R. McNutt posted in Divorce on Wednesday, July 25, 2018.

Student loan debt may seem like it is spiraling out of control. College graduates in Texas often leave school with tens of thousands of dollars in debt, repaying those loans can be both financially and emotionally stressful. That is perhaps one of the reasons why student loan borrowers are slightly more likely to see their marriages end in divorce.

Debt of any kind can be stressful for relationships, but student loans are on an entirely new level. The average loan for 2016 graduates was $39,400. It is easy to see why only 23 percent of people without student loans cited money and debt as a contributing factor for their divorce, while over a third of those with student loans cited the same reason. All in all, 13 percent of all divorced individuals specifically blame their enormous student loan debts for their divorce.

There mere presence of these large debts seem to put young couples in difficult positions early on in their marriages. Of those who have taken out student loans, 36 percent have lied about money to their spouse. Many more say they routinely put off taking big steps for their relationship level because of loans, such as having children or taking a family vacation.

Money issues are common contributing factor of divorce, and student loan debts are certainly no exception. Student loans may even have to be divided if it was taken out sometime during the course of the marriage. Since this is a significant amount of debt that must be repaid, it is a good idea to consider the guidance of a counsel who is experienced in Texas family law. Doing so can help ensure that both parties reach a property settlement that everyone is comfortable with.

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